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	\begin{table}[htbp] 
  \caption{\bf  Out-of-Sample Forecasting Performance}
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\centering
\begin{tabular}{|| l  c c c c   ||} 
\hline $ Model  $ & $R_{OOS- 1m}^2  (w/out  \,est) $ & $ R_{OOS- 12m}^2  (w/out \, est)  $ &  $ R_{OOS- 1m}^2 (with\, est)  $ &    $ R_{OOS- 12m}^2 (with\, est)  $      \\ [0.5ex] 
 \hline\hline
  $ local-PCA (resc) $ &   -0.011 & 0.008 &  -0.003& 0.004 \\
  $ local-PCA (glued) $ & - & - &  0.003 & 0.018  \\
  $ Option-Implied  $  & 0.007 &0.006 &  - &  -  \\
  $ linear \, (hml) $ & - & - &  -0.002 & -0.007  \\  
  $ linear \, (dy) $ & - & - &  -0.006 &  0.005  \\  
  $ linear \, (me/be) $ & - & - &  -0.007 &  0.006  \\
 \hline
\end{tabular}
        \parbox{7in}{\footnotesize{Each number represents the out-of-sample $R^2$, defined as $ R_{oos}^2 = 1 - \sum_{t=1}^T e_{t}^2 / \sum_{t=1}^T  e_{mkt,t}^2  $, where $e_t $ and $ e_{mkt,t}$ are the out-of-sample prediction errors corresponding  to the candidate model (listed in the first row) and the market model, i.e., using the sample mean of the  market   return as predictor.}}
\label{TableMKTPRED}
\end{table}
	
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